Impulse Purchasing

Impulse purchases are all about emotion. You see a sale you don’t want to miss or an item you want to have immediately. You jump to buy it before you think rationally about whether you need it or can afford it.

To curb impulse spending, force yourself to wait a certain period (it could be a day or 30) before pulling the trigger on a purchase. It will give you time to think about your decision, and chances are you’ll realize you don’t need it after all.

Not Budgeting

A budget allows you to see how much money you’re bringing in and where it’s all going. It enables you to make changes that help you save more money and avoid going into the red each month.

Budgeting doesn’t have to be a big chore. Sign up with a program like Mint that automatically tracks your spending for you. All you have to do is pop into your dashboard each day to make sure you’re staying on track and make adjustments as needed.

Relying on Credit Cards

Unless you’re able to pay the balance off in full each month, using credit cards is one of the worst things you can do for your finances. Especially if you’re using them to live above your means.

Every dollar you put on a card will cost you many times more in interest. You could spend years of your life and thousands of dollars paying down purchases you don’t even remember making.

No purchase is so important it’s worth that.

Love of Convenience

Every once in a while, a convenience purchase can be a nice treat, or a necessary exception if you’re in a great hurry. But if you find yourself regularly making convenience purchases; the convenience will cost you.

Stop getting fast food every day and learn to make a few basic meals in bulk that you can enjoy throughout the week. Stop buying a pricey latte on the way into work every morning and get up 5 minutes earlier to brew a cup at home. A little extra work on your part could wind up saving you big time.

Personal Vices

Yes, this includes traditional “vices” like drinking, smoking, and gambling. But it also includes less-obvious vices like eating out way too much or being a shopaholic. Anything that tempts you to spend large amounts of money you know you shouldn’t be spending.

Quit these bad habits and your life, not just your wallet, will be happier for it.